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Govt Plans To Extend Validity Of Planning Permissions, Real Estate News, Realty Beat

Govt Plans To Extend Validity Of Planning Permissions, Real Estate News, ET RealEstate
CHENNAI: The government has decided to amend the Tamil Nadu Town and Country Planning Act, 1971, to extend the validity of planning permissions from five years to eight years,

A bill to this effect was tabled in the Assembly by housing and urban development minister S Muthusamy on Thursday.

According to the bill, developers find it difficult to obtain fresh permission on expiry of the five-year period, in cases where construction projects are yet to be completed.

Further, Covid-19 had impacted activity in the real estate sector in the state. The interdependence of supply chains, migration of labour, cost overturns and liquidity constraints are some of the challenges the sector faced. So it would be difficult to complete projects within five years.

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